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Ratios & Harmonics: a Different Way to Trade
- #39,984
- Edited 12:27pm Apr 29, 2018 9:29am | Edited 12:27pm
- | Joined Apr 2016 | Status: Trader | 410 Posts
{quote} Update on EURUSD D1: My expectation on price action is fulfilled now and smaller abcd is nearly at its "d" point. What do you think would be the future movement of the price..? path (1) or (2) ? {image} For the time being , the long term trend expectation would be "long" positions, at least till the end of the common portion of the 2 path (upper boundary of the channel and 1:1 harmonic).
Update on EURUSD D1:
In contrast to my expectation, price choose the 3rd path that i did not expect, and went through the formation of an extended CD leg of the "yellow abcd", exactly to the 1.618 of its "ab" leg fib extension, so i redraw the trend lines and my expectation would be bullish for the next several days to weeks.
- #39,987
- Edited 10:01am Apr 29, 2018 9:50am | Edited 10:01am
- | Joined Apr 2016 | Status: Trader | 410 Posts
Hello traders, I have attached a screenshot. So the light blue is AB=CD. The dark blue is ABCD pattern. There was double confluence where they both added up, and price seems to have gotten to the 38.2 already. But, the dark blue, eg the ABCD pattern, it did retrace passed the 61.8 and did not close beyond the 78.6, and it did do the 1:1 harmonic line. So whats the problem? The problem is it didn't get anywhere near close enough to the 127fib. I wanted to ask, is there enough confluence to have gone for a buy using the AB=CD and the big dark blue...
I redraw your trend lines over the order flows, indeed you have 2 abcd from a shorter term OF and one ABCD from the longer term OF. and you did have the confluence at your A point from a shorter and a longer term abcd both reaching their d point and ending in a complex correction.
From here my expectation is correction of the longer term ABCD to somewhere around its CD leg length (or 61.8% of the entire AD length).
and please when you post a chart it would be of great help if you determine the instrument and its chart type and time frame.
- #39,989
- Edited 12:22pm Apr 29, 2018 11:50am | Edited 12:22pm
- | Joined Apr 2016 | Status: Trader | 410 Posts
{quote} {quote} Thanks guys. The chart is EURNZD, 5minute time chart that is from the very last part of last week. By instrument you mean whether it's a tick chart or a time chart? I redrew the lines in different colours and put letters on the respective colours and uploaded another screenshot. The yellow one hits 127 but the 127fib was not drawn based off the yellow, it was drawn based off the blue one. The yellow actually didn't give confluence. Unless I'm mistaken? So where the aqua blue "C" "D" in capitals, is that still an AB=CD or not, like...
2) I believe, Your aqua blue ABCD has been invalidated when price has moved above its A point.
3) Structure is more important than fib, don't forget : "Structure is the king".
4) Look to the left and draw the areas of supports and resistance, they get more strength , if they are also present in the higher time frame.
5) The graph below is the same currency pair and same time frame on my Mt4 platform and your BLUE AB=CD , as you can see there is a nice areas of support and resistance , and i have drawn what i believe would be the reasonable expectation of future price movement.
{quote} 1) By instrument i meant the currency pair you are trading. 2) I believe, Your aqua blue ABCD has been invalidated when price has moved above its A point. 3) Structure is more important than fib, don't forget : "Structure is the king". 4) Look to the left and draw the areas of supports and resistance, they get more strength , if they are also present in the higher time frame. 5) The graph below is the same currency pair and same time frame on my Mt4 platform and your BLUE AB=CD , as you can see there is a nice areas of support and resistance...
If you expect a symmetrical AB=CD pattern with 1:1 harmony, then the amount of fib projection of CD leg will depend on the percentage of the correction (BC leg), and a simple mathematical formula will tell you that : % of projection=100+(100-%correction).
Then when you have correction of up to 88% , 1:1 harmonic will extend the CD leg to around 112% ,(and not 127%) and that is what it is on your chart.
{quote} Hi : Update on EURUSD D1: In contrast to my expectation, price choose the 3rd path that i did not expect, and went through the formation of an extended CD leg of the "yellow abcd", exactly to the 1.618 of its "ab" leg fib extension, so i redraw the trend lines and my expectation would be bullish for the next several days to weeks. {image}
A potential bearish Bat pattern at its "C" point......??
(Saddled horse ready to ride Long way North..??
)
{quote} EURUSD M30: A potential bearish Bat pattern at its "C" point......?? {image} (Saddled horse ready to ride Long way North..??
I already entered Long and you can see my SL and Tp settings .
- #39,995
- Apr 30, 2018 8:33am Apr 30, 2018 8:33am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #39,998
- Apr 30, 2018 8:48am Apr 30, 2018 8:48am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.
- #39,999
- Apr 30, 2018 8:49am Apr 30, 2018 8:49am
- | Membership Revoked | Joined Jul 2010 | 9,273 Posts
If you fail to plan, you plan to fail.